John McTernan is a commentator and political strategist who works internationally. He was Political Secretary to Tony Blair and most recently was the Director of Communications for Australian Prime Minister Julia Gillard.

Give it 48 hours. These midterm results could be a boost for Barack Obama

It's time to get some perspective on the midterms. Sure, it's a setback for the Democrats – but just how bad is it for President Obama? It's a little stated political truth that a defeat can be as significant a boost for a career as a victory. In 1980 in Arkansas, after just one term Bill Clinton became "the youngest ex-Governor in the US." (That's his self-deprecating description – humour and a lack of self-regard are key to bounce-backability, just ask West Brom.) He was back in office in two years and never after lost an election. It was this experience Clinton drew on when he faced an apparently devastating midterm rout in 1994. That became a turning point for his Presidency as he faced down insurgent Republicans led by Newt Gingrich.

What should Obama learn from Clinton? First, step aside and let the Republicans have their moment. The morning of victory is sweet, but the testing times are when the new House majority has to actually do something. "And now what?" is the most disconcerting question to ask a populist – they invariably know what they're against but not what they're for. Which state spending will they cut? Defence? Social Security? Medicare or Medicaid? Every step the Republicans take can alienate substantial constituencies, which will matter in the next Presidential election.

Second, be genuinely bi-partisan. This is a weapon. Obama was made to look ideological and calculating in his first 18 months. Time to be the people's President. He used his power well – saved the banks; rescued Detroit; and brought in health-care reform 100 years after Teddy Roosevelt tried to. Now use the bully pulpit. Bring America together. All the while wedging the Republicans against themselves – for their flirtation with the Tea Party is riding the tiger. The big divisions in US politics are now within the Republican Party.

And this leads to the third thing Obama needs to do – plan for his re-election. It now looks as though he'll face either Mitt Romney or a Tea Party favourite. Romney looks good on paper – he wins in predominantly Democrat Massachussets, he reformed health care and he's a Christian. But that's a UK perspective. Seen from the US he is a Mormon – a member of a church that supports bigamy. Hard sell. And no Tea Party candidate can win the all important independents. Obama should start stirring.

In 48 hours, this won't look that bad for Obama's re-election campaign.